Ujwal Battar and Mark Fershteyn founded Recapped. Fershteyn started his career as a sales executive at Citrix, then as Vice President of Sales at App Academy. Fershteyn experienced firsthand the difficulties of collaboration in sales, not just with other salespeople, but also with those on the buy side of transactions. This cross-team, inter-company clunkiness can lead to problems around transparency and business planning.
Recapped is trying to fix the problem. The software allows employees within an organization to work together on a deal. The software allows customers to keep track of the progress of deals, and the post-sales team, and the CEO and CFO. This may allow them to better plan for future workloads.
Perhaps the most unique feature is that buyers have an identical UX to the sales team. This allows both to share a checklist of actions, deliverables, and data to ensure they reach the end.
With Recapped, salespeople can create an interactive and highly customizable landing page that they can send to potential clients. This page can include testimonials from customers, product videos, and other information that will help clients get to know the product. The page also contains a checklist for the sales process. This includes everything from running a pilot to getting approval from all parties to delivering a proof-of-concept.
While sales teams need to have access to the software, buyers simply get a link and can start working.
Image Credits Recapped
Recapped replaces what is commonly known as a Mutual Action Plan (or Success Plan) in the industry. These plans are typically created and managed using a combination of email and spreadsheets.
Leadership, finance, and other departments can also look at the list of deals in progress. This will allow them to see the trends and make better forecasts. It will also help prepare CX and post-sale teams.
Recapped was launched in beta in 2019 and made public in the summer 2020. It has doubled its revenue each quarter since then and grown from two employees down to 11. Nearly half of these employees are women or members of underrepresented minorities.
Fershteyn claims that Recapped helps customers close deals 18% quicker, close 23% more total transactions, and reduce customer onboarding time by up to 28%
Fershteyn stated, “What keeps me awake at night is making sure that the product is as simple as possible while still being extremely customizable for our customers.” Everyone has a unique sales process and onboarding process. Each customer prefers something different. The biggest challenge is making it easy to use as we scale, and then scaling that over the next year and half as we deploy $6 million.